foreign bank entry, performance of domestic banks and the sequence of financial

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1、ForeignBankEntry,PerformanceofDomesticBanksandtheSequenceofFinancialLiberalizationNihalBayraktarandYanWang*nd2Draft:August18,2004AbstractTheopennessorinternationalizationoffinancialservicesisacomplexissueasitiscloselyrelatedtostructuralreformsindomesticfin

2、ancialsectorwithsomeperceivedimplicationstomacroeconomicstability.Thispaperattemptstoinvestigatefirstlytheimpactofforeignbankentryontheperformanceofdomesticbanks,andsecondlyhowthisrelationshipisaffectedbythesequenceoffinancialliberalization.Ourdatasetiscon

3、structedfromtheBANKSCOPEdatabaseincluding30developedanddevelopingcountriesandcoveringtheperiodfrom1995to2002.Weapplypaneldataregressionsbypoolingallcountriestogether,andbygroupingcountriesaccordingtothesequenceoftheirfinancialliberalization.Oneobservationb

4、asedondescriptiveanalysisisthatthedegreeofopennesstoforeignbankentryvariesagreatdealwhichisnotcorrelatedwithaverageincomelevelsorwithGDPgrowth.Second,thesequenceoffinancialliberalizationmattersfortheperformanceofdomesticbankingsector:Aftercontrollingformac

5、roeconomicvariablesandgroupingcountriesbytheirsequenceofliberalization,foreignbankentryhassignificantlyimproveddomesticbankcompetitivenessincountrieswhichliberalizedtheirstockmarketfirst.Inthesecountries,bothprofitandcostindicatorsarenegativelyrelatedtothe

6、shareofforeignbanks.Countrieswhichliberalizedtheircapitalaccountfirstseemtohavebenefitedlessfromforeignbankentryascomparedtotheothertwosetsofcountries.JELClassification:G21,F10,F21.???????????????????????????????????*Respectively,PennStateUniversity–Harris

7、burgandWorldBank.ThisispartofalargereffortinWBIPR–Tradetodevelopmaterialsforcapacitybuildingontradeinfinancialservices.TheauthorsthankGerardCaprio,RoumeenIslam,WillMartin,AadityaMattoo,GianniZanini,andtradeteamforencouragementandcomments.Thefindingsandview

8、sexpressedinthispaperareentirelythoseoftheauthors.TheydonotnecessarilyreflecttheviewsoftheBank,itsExecutiveDirectorsortheCountriestherepresent.1.IntroductionTheopeningoffinancialservicesandthestructuralreform